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It's Big & BIG #alert About $BONK Market Cap to $1.3 Billion !!!
$1.3 Billion Market Cap BONK Caught Asymmetric Capital’s Eye at $28 Million, Founder Tells Solana Breakpoint Event
Echoing the way that DOGE outpaced top cryptos during the last cycle of 2021, memecoin BONK has in the past year been a better performer than the governance tokens of the biggest Ethereum L2s.
SINGAPORE – Joe McCann, the founder of digital asset investment firm Asymmetric Capital, today revealed that the company was one of the first institutional funds to invest in memecoins, putting funds into Solana-based memecoin BONK in October 2023, when the token’s market capitalization had risen rapidly to $28 million.
“There were a lot of reasons why we made that investment, but at a kind of core level, my job as a hedge fund manager is to make my investors money, and they actually don’t give a shit what I’m trading – they just want to see returns,” McCann said during a fireside chat with DeFiance Capital founder Arthur Cheong at the Solana Breakpoint conference.
Many venture capital firms online have talked about why memecoins are terrible, he said. “[But] look at their bags. If they’ve invested billions of dollars in a dozen different layer 2s on Ethereum… memecoins are outperforming them.”
BONK started the first day of October 2023 with a market cap of $9.2 million that soared in the days that followed. It has since grown its market cap to nearly $1.3 billion, substantially outpacing the governance tokens on Ethereum level 2 networks.
During the same period, Arbitrum has gone from a market cap of around $1.2 billion to some $2 billion, a 70% jump, while
Optimism has remained stable at just under $2 billion.
BONK’s market cap has correlated with sharp increases in its price, unlike ARB and OP.
Since Oct. 1, 2023, the price of an ARB token has dropped from 90 cents to roughly 57 cents at press time, while OP is up a relatively modest 24.6% from $1.34 to $1.67, according to CoinGecko data.